When people think of individual retirement accounts (IRAs), they often envision traditional investments like stocks, bonds, and mutual funds. However, as savvy investors look for ways to diversify their portfolios and protect their wealth for the long haul, many are turning to alternative assets like precious metals. Gold and silver IRAs have gained tremendous popularity in recent years, but there's another precious metal that's often overlooked: platinum. In this blog post, we'll give you the complete guide to holding platinum in an IRA, including its advantages and how to get started.
Holding Platinum In An IRA Table of Contents
Platinum, a rare and highly valued metal, has long been considered a reliable store of value and a hedge against economic uncertainty. Its price tends to hold steady during times of financial turmoil, making it an attractive option for those seeking to diversify their portfolios and protect their retirement savings.
Benefits of Holding Platinum in an IRA
Diversification
Diversifying your retirement portfolio is essential to protect against market fluctuations and economic uncertainties. By investing in a variety of assets, you can minimize the impact of one poor-performing investment on your overall portfolio. Including platinum in your IRA can provide a necessary balance against traditional investments like stocks and bonds, which tend to be more volatile.
Inflation Protection
With global inflation rates on the rise, investors are seeking out assets that can preserve their purchasing power over time. Platinum has historically shown a positive correlation with inflation, meaning that as the cost of living increases, so does the value of platinum.
Limited Supply
Platinum is a rare metal, with annual production significantly lower than that of gold and silver. This limited supply creates a higher demand for the metal, which can translate to an increase in its value over time - making it an attractive long-term investment for your IRA.
Speak to a Gold IRA Expert Today. Our Preferred Gold IRA Custodians:
Birch Gold Group
Birch Gold Group stands as your reliable ally in Gold IRA investment. Their unbeatable customer service, combined with rich educational content, makes your journey to financial growth as smooth as possible.
Noble Gold IRA
With its simple 5 minute IRA setup process and experienced team of professionals, Noble Gold is one of the easiest ways to open a Gold IRA & find out more information.
Industrial Demand
Platinum is used in a variety of industries, including automotive, electronics, and jewelry, making it less susceptible to economic downturns. As industries grow, demand for platinum is likely to increase, which can drive its value further.
How to Add Platinum to Your IRA
To invest in platinum through your IRA, follow these steps:
Choose a Self-Directed IRA
A self-directed IRA offers a wider array of investment options, including precious metals. To hold platinum in your IRA, you'll need to set up a self-directed account with a custodian that permits alternative assets.
Select Approved Platinum Products
The IRS only allows certain platinum bullion and coins to be held within an IRA. Approved platinum products must meet a minimum .9995 purity standard. Examples include American Platinum Eagle Coins and bars from approved refiners like PAMP Suisse or Engelhard. Consult your IRA custodian and a precious metals dealer for approved products.
Choose a Trusted Precious Metals Dealer
Work with a reputable dealer to purchase your chosen platinum products. Your IRA custodian can often guide you towards trusted sources or provide recommendations.
Arrange Storage
The IRS requires that precious metals held within an IRA are stored in an approved depository facility. Your IRA custodian can assist in arranging proper storage for your platinum investment.
As you explore ways to protect and grow your retirement savings, considering alternative assets such as platinum can provide both diversification and a hedge against uncertainty. By understanding the benefits of holding platinum in your IRA and following the steps to include it in your portfolio, you can be proactive in safeguarding your financial future.
If you found this content helpful, please share it with others and explore the other guides on Pre Columbian Gold for more information on diversifying your retirement portfolio with precious metals.
Speak to a Gold IRA Expert Today. Our Preferred Gold IRA Custodians:
Birch Gold Group
Birch Gold Group stands as your reliable ally in Gold IRA investment. Their unbeatable customer service, combined with rich educational content, makes your journey to financial growth as smooth as possible.
Noble Gold IRA
With its simple 5 minute IRA setup process and experienced team of professionals, Noble Gold is one of the easiest ways to open a Gold IRA & find out more information.
